Delivery Hero SE

Investor Presentation • Dec 13, 2019

Delivery Hero and Woowa Brothers Announce a Strategic Partnership

13 December 2019

One Aligned Clear Vision

Always delivering an amazing experience

Partnership Delivers on Our Promise

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Transaction Highlights

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^1. Before certain adjustments; Converted at EUR/USD exchange rate of 1.1087

1. Based on a 20-day VWAP of €47.47; Delivery Hero has contractually agreed to acquire an economic stake of approximately 82% from shareholders; 12% management stake will be converted into Delivery Hero shares over a four year time horizon at the same terms; Remaining 6% of Woowa shareholders being approached post announcement; Percentages subject to certain adjustments; Additional shares might be issued in conjunction with Woowa's existing and future employee option program

Woowa is South Korea's Largest Online Food Delivery Platform With Strong KPIs ¹

NUMBER OF ORDERS IN KOREA

Source: Woowa information; Woowa numbers reflect continuing Korean operations only (excluding Foodtech Corporation) and excluding Vietnam; For more detailed disclosure on Woowa's KPIs and financials please refer to the slide to the back of the presentation

1. As of September 2019

m

Strong Marketplace Complemented by Growing Own Delivery and Multi-Vertical Opportunities 1

% 9M2019 Orders [ ]%

Source: Woowa information; Woowa numbers reflect continuing Korean operations only (excluding Foodtech Corporation) and excluding Vietnam; For more detailed disclosure on Woowa's KPIs and financials please refer to the slide to the back of the presentation

Unique Financial Combination of Scale, Growth and Proven Profitability in Korea 1

EBITDA Margin on GMV

Source: Woowa information; Woowa numbers reflect continuing Korean operations only (excluding Foodtech Corporation) and does not include investments in Vietnam; For more detailed disclosure on Woowa's KPIs and financials please refer to the slide to the back of the presentation

Strong Business Fundamentals Driving Customer Loyalty and User Frequency Securing Future Growth and Profits 1

Source: Woowa information; Woowa numbers reflect continuing Korean operations only (excluding Foodtech Corporation) and excluding Vietnam; For more detailed disclosure on Woowa's KPIs and financials please refer to the slide to the back of the presentation

2 Massive Opportunity in an Underpenetrated Market…

Source: Delivery Hero estimates

POPULATION DENSITY

Per square kilometer

NUMBER OF RESTAURANTS

Per 100,000 residents

Source: Public data

Delivery Hero has a Solid Track Record of Sharing Best Practices Across its Global Platform ³

• Sharing of local innovation across the platform

• Access Delivery Hero know-how to roll-out new business models and verticals such as groceries, darkstores or virtual restaurants

• Utilize Delivery Hero technology platform to accelerate own delivery

• Best practice sharing globally helps optimize cost structure and increase efficiency locally

3 Delivery Hero Expertise Will be Leveraged in Korea to Benefit All Stakeholders

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… Woowa

Continued investments in Woowa's international expansion and support against new entrants' competition

… Employees Local and international career opportunities

… Woowa Management Team

Elevated role within Delivery Hero organization and taking responsibility for the Pan-Asian operations

… Korean tech community

Innovation fund dedicated to support Korean technology ventures – particular in Food Tech

… Delivery Hero

Partnership with the largest online food delivery platform in Korea

Source: Woowa and Delivery Hero information; Woowa numbers reflect continuing Korean operations only (excluding Foodtech Corporation) and excluding Vietnam; For more detailed disclosure on Woowa's KPIs and financials please refer to the slide to the back of the presentation

1. Simple addition of numbers for illustrative purposes; constant currency growth

4 Significant Expansion Opportunities Across Asia

Sources: 2018 Demographics from Fitch Solutions' Business Monitor; 2019 Internet Penetration of US, Germany and UK from Statista (Statista Digital Market Outlook); 2019 Internet Penetration of Asian countries from Statista (Internet World Statistics)

1. South Korea, Hong Kong, Malaysia, Thailand, Vietnam, Philippines, Singapore, Bangladesh, Taiwan, Pakistan, Laos, Myanmar and Cambodia

Tackling Asia Opportunity Through Local Execution Bolstered by Global Insights ⁴

Source: Woowa and Delivery Hero information; Woowa numbers reflect continuing Korean operations only (excluding Foodtech Corporation) and excluding Vietnam; For more detailed disclosure on Woowa's KPIs and financials please refer to the slide to the back of the presentation

1. Simple addition of numbers for illustrative purposes

5 Highly Diversified Global Operations

Source: Woowa and Delivery Hero information; Woowa numbers reflect continuing Korean operations only (excluding Foodtech Corporation) and excluding Vietnam; For more detailed disclosure on Woowa's KPIs and financials please refer to the slide to the back of the presentation

1. Simple addition of numbers for illustrative purposes; constant currency growth

Delivery Hero is the Largest and Fastest Growing Listed Online Food Delivery Company Outside China 5

Q3 2019 ORDERS1 Q3 2019 YOY ORDER GROWTH1

Source: Company filings; Woowa numbers reflect continuing Korean operations only (excluding Foodtech Corporation) and excluding Vietnam; For more detailed disclosure on Woowa's KPIs and financials please refer to the slide to the back of the presentation

1. Only listed peers are presented, where data is publicly available; Delivery Hero / Woowa simple addition of numbers for illustrative purposes

2. Like-for-like order growth, adjusted for Germany and Israel

Appendix

Establishing a Singapore-based Joint Venture to Foster the Asian Opportunity and Lever Woowa's Experience Globally

• Bongjin Kim to take a key role in developing Delivery Hero's food delivery business in the Asia region and globally
  • Member of Global Advisory Board1
  • Member of Global Leadership Council
  • Chairman & Executive Director of Asia-Pacific Joint Venture
• Joint Venture to operate food delivery businesses across Asia Pacific region
  • Significant operational leverage across the region
  • Focus expansion across Asia

Note: 50%+1 share for Delivery Hero, 50%-1 share for Woowa

1. To be established

Reconciliation of Woowa Korea Financials from Audited Financials

1 . .
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Source: Woowa information; Woowa numbers reflect continuing Korean operations only (excluding Foodtech Corporation) and excluding Vietnam; For more detailed disclosure on Woowa's KPIs and financials please refer to the slide to the back of the presentation

1. Derived from WoowaBrothers Corp. ("WB") audited Korean GAAP financial statements

2. Derived from WoowaYouths ("WY") audited Korean GAAP financial statements

3. Intercompany transactions between the entities net off to zero

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Source: Woowa information

Important Notice

ALL FINANCIAL FIGURES INCLUDED IN PRESENTATION ARE BASED ON IFRS, UNLESS NOTED OTHERWISE ESPECIALLY ON PREVIOUS PAGE.

For the purposes of this notice, "presentation" means this document, its contents or any part of it. This presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever.

This presentation is neither an advertisement nor a prospectus and should not be relied upon in making any investment decision to purchase, subscribe for or otherwise acquire any securities. The information and opinions contained in this presentation are provided as at the date of this presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate Delivery Hero SE. Delivery Hero SE undertakes no obligation to update or revise this presentation. No reliance may or should be placed for any purpose whatsoever on the information contained in this presentation, or any other information discussed verbally, or on its completeness, accuracy or fairness.

The information in this presentation is of preliminary and abbreviated nature and may be subject to updating, revision and amendment, and such information may change materially. Neither Delivery Hero SE nor any of its directors, officers, employees, agents or affiliates undertakes or is under any duty to update this presentation or to correct any inaccuracies in any such information which may become apparent or to provide any additional information.

The presentation and discussion contain forward looking statements, other estimates, opinions and projections with respect to anticipated future performance of Delivery Hero SE ("Forward-looking Statements"). These Forward-looking Statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "aims", "plans", "predicts", "may", "will" or "should" or, in each case, their negative, or other variations or comparable terminology. These Forward-looking Statements include all matters that are not historical facts. They appear in a number of places throughout this presentation and include statements regarding Delivery Hero SE's intentions, beliefs or current expectations concerning, among other things, Delivery Hero SE's prospects, growth, strategies, the industry in which it operates and potential or ongoing acquisitions. By their nature, Forward-looking Statements involve significant risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking Statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Similarly, past performance should not be taken as an indication of future results, and nor representation or warranty, express or implied, is made regarding future performance. The development of Delivery Hero SE's prospects, growth, strategies, the industry in which it operates, and the effect of acquisitions on Delivery Hero SE may differ materially from those made in or suggested by the Forward-looking Statements contained in this presentation or past performance. In addition, even if the development of Delivery Hero SE's prospects, growth, strategies and the industry in which it operates are consistent with the Forward-looking Statements contained in this presentation or past performance, those developments may not be indicative of Delivery Hero SE's results, liquidity or financial position or of results or developments in subsequent periods not covered by this presentation. Any Forward-Looking Statements only speak as at the date of this presentation is provided to the recipient and it is up to the recipient to make its own assessment of the validity of any Forward-looking Statements and assumptions. No liability whatsoever is accepted by Delivery Hero SE in respect of the achievement of such Forward-looking Statements and assumptions.